Buyers Stepping In - Madison Square Garden

Published on Thursday, 29 November 2012 11:38 Written by TradersHuddle Wire

New York, November 29th (TradersHuddle.com) - Unusual high volume detected on shares of Madison Square Garden, Inc. (NASDAQ:MSG) early in the trading session. The pace in volume of Madison Square Garden is already above average, with buyers stepping in, as the stock is 0.37% higher.

Madison Square Garden, Inc. (NASDAQ:MSG) is a fully-integrated sports, entertainment and media company comprised of dynamic and powerful brands. The company operates thru three business segments: MSG Sports, MSG Entertainment and MSG Media, which are built on a foundation of iconic venues and compelling content, including live sports and entertainment events. MSG Sports include ownership and operation of sports franchises including teh New York Knicks, Rangers, Liberty and the Hartford Wolf Pack. The Knicks, Rangers, and Liberty play their home games at Madison Square Garden, the most famous arena in the world. MSG Entretainment is the business in charge of event prodcution and entretainment marketing, while MSG MEdia is a leader in production and content development for multiple platforms, including MSG and Fuse Networks.

Madison Square Garden has already traded 1.566 times its 3-month average volume and has calculated support and resistance at $39.00 and $44.95 respectively. Traders like to use volume as their lie detector for price action movement through predefined trading ranges.

The overall market index S&P 500 is trading higher by 0.46% from its previous trading close, which means that Madison Square Garden stock is underperforming the overall market.